Celtic Pharma and PolyTherics Announce Investment into Biopharmaceutical Programme
News Jan 28, 2010
Celtic Pharma Holdings Advisors LLP (CPHA), the advisor to Celtic Pharma Holdings II LP (CP2), together with PolyTherics Limited (PolyTherics), announces an investment by Leverton Licence Holdings Limited (LLH), a wholly-owned subsidiary of CP2, into a research programme to develop a novel biopharmaceutical molecule.
This research programme will be undertaken jointly by PolyTherics and Cantab BioPharmaceuticals Limited (Cantab), a wholly-owned subsidiary of CP2 based in Cambridge, UK.
PolyTherics will receive an upfront payment and ongoing technical support for the research, while LLH may elect to submit two further proteins for research under the collaboration.
PolyTherics grants LLH an option to license products arising from the research collaboration, with PolyTherics receiving a share of any commercial returns. Further details of the agreement terms were not disclosed.
Dr Keith Powell, Chief Executive Officer of PolyTherics, said: “We are delighted to establish a working relationship with CP2 and its subsidiaries Cantab and LLH through this new therapeutic programme. Importantly, as we embark as a company on the development of our own bio-better products, we are excited to share in the rewards of product commercialization resulting from this new collaboration”.
Animal venoms are the subject of study at research center based at the Butantan Institute in São Paulo. But in this case, the idea is not to find antidotes, but rather to use the properties of the venoms themselves to identify molecular targets of diseases and, armed with that knowledge, develop new compounds that can be used as medicines.